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The Unified Payments Interface (UPI) registered a record 6.57 billion (657 crore) transactions worth ₹10.72 lakh crore in August, the National Payments Corporation of India (NPCI) data showed on Thursday. The growth in UPI volumes is up almost 100% (year-on-year) and amounts transacted grew by 75% YoY in the month of August. "With the acceptance of card payments via UPI the transaction volumes are bound to grow strongly and the average value per transaction too will increase. Through this growth, the NPCI systems have been robust and have rendered uptime that stands among the best in the payments industry. NPCI is on track to achieve their vision of 1 billion transactions per day," said Rajesh Mirjankar MD and CEO, Kiya.ai. The country crossed 6 billion transactions for the first time last month, logging 6.28 billion transactions worth Rs 10.62 lakh crore. Prime Minister Narendra Modi last month hailed the achievement of <keyword id="4052276" type="General" weightage="20" keywordseo="upi-transactions" source="Orion">UPI transactions</keyword> crossing 6 billion in July -- the highest ever since its launch six years back. "This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic," Modi had said in a tweet. In FY22, UPI processed more than 46 billion transactions amounting to over ₹84.17 trillion, thus breaching the $1 trillion mark. UPI's target is to process a billion transactions a day in the next five years. The UPI facility was launched on April 11, 2016, by then Reserve Bank of India Governor Raghuram Rajan. Recently, the NPCI mandated that all UPI-based applications obtain consumers' prior authorisation before recording their location. Any time a client gives permission to record their location, the permission must be properly communicated to the UPI, else the company will take stern action. This rule must be followed by all members by December 1 and applies to domestic UPI transactions between individuals. "UPI continues to penetrate further in the payment ecosystem as reflected by an increase in the number of UPI transactions by approx 5 per cent (on-month) and value of such transactions increasing by approx one per cent (month-on-month). The mass adoption of UPI is driving financial inclusion with respect to payments in India," said Swapnil Bhaskar, Head of Strategy, <keyword id="3673134" type="General" weightage="20" keywordseo="niyo" source="Orion">Niyo</keyword>, a <keyword id="8467319" type="General" weightage="20" keywordseo="neobank" source="Orion">neobank</keyword> for millennials.

UPI transactions reach 657 crore in August worth ₹10.72 lakh crore

<a href="https://www.businessinsider.com/category/money2020-europe"></a><div type="image" title="Attendees watch a Money20/20 conference session" height="2601" width="4000" msid="92090522" hostid="261"></div><ul class="summary-list"><li>UK <keyword id="14148650" type="UNKNOWN" weightage="60" keywordseo="neobank" source="Orion">neobank</keyword> <keyword id="14148649" type="UNKNOWN" weightage="60" keywordseo="zopa" source="Orion">Zopa</keyword> is getting into the <a href="https://www.businessinsider.com/buy-now-pay-later-bnpl-threats-payments-merchants-fees-data-2021-8">buy now pay later (BNPL) market</a>.</li><li>The company had previously teased Q4 2022 for an IPO, and its CEO affirmed that it will be waiting for "the right moment" to go public. </li></ul>UK neobank Zopa is getting into the <a href="https://www.businessinsider.com/buy-now-pay-later-bnpl-threats-payments-merchants-fees-data-2021-8">buy now, pay later (BNPL) market</a>, it announced Wednesday.The announcement came just the day after <a href="https://www.businessinsider.com/apple-pay-later-doesnt-worry-us-buy-now-unicorn-affirm-2022-6">Apple said it was also launching BNPL services</a>."We're not gonna compete with Apple," Zopa CEO Jaidev Janardana said at the Money20/20 <keyword id="11898487" type="UNKNOWN" weightage="60" keywordseo="fintech" source="Orion">fintech</keyword> conference in Amsterdam on Wednesday. "Our focus will be on bigger-ticket items."Zopa's <keyword id="9522245" type="UNKNOWN" weightage="60" keywordseo="bnpl" source="Orion">BNPL</keyword> option is available for purchases from £250 to £30,000 ($314 to $37,630).The bank says it will carry out full credit checks to ensure it only offers affordable credit to customers and will help customers to consolidate their debt and build their credit profiles."We understand that BNPL is just debt," Janardana said.Ed Massey, Zopa's head of partnerships and business development, called BNPL a "relatively unpredictable space," citing upcoming regulations, rising inflation, and the current cost of living crisis.Zopa said that its BNPL service will first be offered as retail <keyword id="11895316" type="UNKNOWN" weightage="60" keywordseo="finance" source="Orion">finance</keyword> for merchants through B2B2C partnerships, and then to consumers when new regulation comes into place.Zopa first launched as a peer-to-peer lender connecting savers to borrowers, though it closed down this stream of its business <a href="https://www.zopa.com/about/our-story">in late 2021</a>. Since <a href="https://www.businessinsider.com/zopa-attains-full-uk-banking-license-2020-6">getting its banking license</a> in 2020, Zopa says it has become profitable, attracted £1.2 billion in deposits, and issued around 300,000 credit cards.Massey said that Zopa makes 7 million fully-automated lending decisions a month.Zopa had previously earmarked the fourth quarter of 2022 for its IPO. Janardana said it's "doing the necessary steps" but "we will wait for the right moment to do an IPO," adding that investors including Japanese investment giant SoftBank were happy to wait. In October,<a href="https://www.businessinsider.com/zopa-bank-fast-growing-fintech-lender-raises-300m-from-softbank-2021-10">Zopa announced that it had raised $300 million in funding from SoftBank</a>, and says that it has raised a total of $500 million to date.

Report from Money20/20: Zopa is getting into the booming buy now, pay later market

<ul><li>The UK-based <keyword id="3165837" type="General" weightage="20" keywordseo="Fintech-company" source="Orion">fintech company</keyword> is looking forward to hiring 600 tech professionals by the end of 2026.</li><li>Earlier this year in June, the financial services company also announced its hiring plans of 1,000 people in India.</li><li>Click <a href="https://www.businessinsider.in/newsletter-17-december-2021/binewsletter/88306447.cms?utm_source=bi&amp;utm_medium=email_newsletter&amp;utm_campaign=Business_Insider_Newsletter">here</a> for simple, fun and yet insightful explainers on the hottest news developments every week.</li></ul><keyword id="45792" type="General" weightage="20" keywordseo="Tide" source="Orion">Tide</keyword>, a United Kingdom-based financial and banking services platform, is looking forward to hiring 600 tech professionals by the end of 2026 for its office in Hyderabad, which is the tech centre of the company in India. The neobank ⁠— which operates in partnership with RBL Bank in India ⁠— needs 300 engineers, with a particular focus on backend engineers in Java and Python, across various roles. It is also looking for experts in data science and Flutter. Founded in 2015 and launched in 2017, the fintech ⁠— valued at $650 <a href="https://timesofindia.indiatimes.com/business/india-business/tide-raises-100-million-in-series-c-funding/articleshow/84341739.cms">million</a> ⁠— will include training and hiring fresh graduates from institutes like Indian Institutes of Technology (IIT), National Institute of Technology (NIT) through an ‘Internship to hire’ programme. Interns who successfully complete the programme will be offered a full-time opportunity. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What is Tide? </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What does it do? </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">A digital financial and banking services platform with its India headquarters in Hyderabad and Gurgaon. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offers business accounts, related banking services and administrative solutions to small and mid-size enterprises (SMEs) </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Earlier this year in June, the financial services company also announced its hiring plans of 1,000 people in India. “So out of 1,000, 200 have already been hired and overall, we have a team size of over 350 today in India,” <keyword id="12753669" type="General" weightage="20" keywordseo="gurjodhpal-singh" source="Orion">Gurjodhpal Singh</keyword>, chief executive officer (CEO) at Tide (India) told Business Insider in an interaction. Other than tech professionals, the company will also be hiring people across business profiles for their Gurugram office, which is the business hub of the company. He further said, “Along with techies, we are also actively hiring for business teams and business roles. So that is another aspect of the 1,000 employees that we are looking to hire.” When asked about how the company will fund the new hiring plans, he said, “We have raised a decent Series-C earlier this year. So, both these put together put us in a position where now we can invest into further growth and that is what we are intending to do. Our growth journey will also be focused on growing in terms of revenue and market share. All that will go into investing into a larger team and building a more robust product.” <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total funding raised so far </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key competitors </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$195.2 million Source: Crunchbase </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Augmentum Fintech, Apax Digital, Passion Capital and SBI Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">InstantPay, Open, Revolut etc. </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> In an interview with Business Insider, Singh, also mentioned the aggressive growth plans in India in the next five years but did not reveal much details. He said, “ We have aggressive growth plans for the next 5-years. Considering that India has 10% of global SMEs, our aspiration is to impact 25% of the global SME base through Tide.” Singh mentioned his plans about launching new products in the Indian market and setting up of new offices in different states of the country. “ In parallel we will also be expanding our product foothold across the country, apart from Delhi and Hyderabad with our banking partner (RBL Bank). We're a very open and agile organization and would be open about moving into some more cities as well in India if need be. But for now, this is the plan,” said Singh. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/bank-of-baroda-recruitment-check-all-the-details-including-eligibility-last-date-to-apply/articleshow/88383348.cms">Bank of Baroda is looking for at least 52 engineers in Mumbai and Hyderabad to improve the app, user experience and quality</a>

British neobank Tide wants to hire 600 techies and business execs in Hyderabad and Gurugram

<ul><li><keyword id="4697996" type="General" weightage="100" keywordseo="stashfin" source="Orion">Stashfin</keyword> launches ‘all-in-one card’ brand film.</li><li>It is conceptualised by <keyword id="397090" type="General" weightage="20" keywordseo="havas-worldwide" source="Orion">Havas Worldwide</keyword> <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> (Creative).</li></ul>Neobanking platform Stashfin has released its latest brand video, featuring the all-in-one card, which is positioned to meet the needs of every customer. The film, conceptualised by Havas Worldwide India (Creative), brings alive the distinct proposition of Stashfin’s all-in-one card offering instant funds, free ATM withdrawals, cashback offers and welcome rewards. <div type="Youtube" id="P35_jIgCP3U" title="Stashfin credit line card is truly ALL-IN-ONE. Get Stashfin card for ALL your needs!" thumbUrl="https://i.ytimg.com/vi/P35_jIgCP3U/mqdefault.jpg"></div> With a brand promise of ‘Nobody in India should be credit starved’, Stashfin has been working towards the financial inclusion of various customer segments who find it hard to be accepted by traditional banking systems. The company also helps the underrepresented build their credit footprint to enable them to improve their quality of life. As consumers, everyone seeks perfection from the products they use, and Stashfin’s latest brand video is an attempt to cater to this insight. This led to Stashfin partnering with Havas Worldwide India (Creative) for creating a relevant communication campaign that aims to make the <keyword id="2461546" type="General" weightage="20" keywordseo="fintech" source="Orion">fintech</keyword> space accessible and relatable in an engaging way. Shruti Aggarwal, Co-founder, Stashfin, said, “At Stashfin, we’ve always put our customers first, and we’re constantly exploring ways to provide unique and relevant services for them, leading to greater financial freedom and inclusion. For our all-in-one brand video, we wanted to integrate our ethos of ‘nobody should be credit-starved’, in an easy, relatable format. I’m glad we could work with Havas Worldwide India (Creative). This has been an extremely fruitful experience.” <keyword id="255387" type="General" weightage="20" keywordseo="bobby-pawar" source="Orion">Bobby Pawar</keyword>, Chairman &amp; Chief Creative Officer, <keyword id="1825444" type="General" weightage="20" keywordseo="havas-group" source="Orion">Havas Group</keyword> India, said, “It’s been really exciting to partner with Stashfin for their brand video. We’ve worked with dozens of clients in India and globally, and I am impressed with Stashfin’s agility in the fintech space. It’s not every day that one gets to participate in a project that will be impactful, or decide the positioning of a product. Fintech is often perceived as a boring space, perhaps even one that is tough to grasp. We wanted to dispel that perception, and comedy was the best way to do that. The all-in-one brand video communicates the brand proposition and product features in the most meaningful and engaging way possible. I am sure customers across segments will enjoy this communication piece, which will drive the preference for brand Stashfin.”

Neobanking platform Stashfin launches a new campaign to promote its all-in-one proposition

<ul class="summary-list"><li><keyword id="1573581" type="PERSON" weightage="60" keywordseo="Wirecard">Wirecard</keyword>'s UK arm was allowed to resume regulated activity on June 30 following a four-day suspension, despite its parent company filing for administration.</li><li>The suspension blocked several customers of <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> apps using Wirecard technology from their accounts.</li><li>Incoming payments bounced during the suspension. Some account holders told Business Insider they are still waiting for their money.</li></ul>UK account holders with brands that use Wirecard's payment services are still waiting for cash that bounced from their accounts when the German fintech firm <a href="https://markets.businessinsider.com/news/stocks/wirecard-files-insolvency-missing-billions-ex-ceo-arrest-2020-6-1029340987?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest#=ingest#">filed for insolvency</a>. This is despite the fact that Wirecard's UK arm resumed regulated activity more than a week ago. The UK's Financial Conduct Authority (FCA) suspended Newcastle-based Wirecard Card Solutions' (WDCS) activities on June 26, after the firm's German parent Wirecard AG <a href="https://markets.businessinsider.com/news/stocks/wirecard-timeline-what-you-need-to-know-2bn-fintech-scandal-2020-6-1029337346?utm_source=markets&amp;utm_medium=ingest#est#">disclosed a €1.9bn (£1.7bn) hole in its accounts</a> and filed for insolvency. Four days later, the suspension was lifted, but not before it had hit users of financial apps that use Wirecard technology. Unlike mainstream brands such as Halifax or HSBC, many digital, neo or app-based banking services and fintech companies don't always handle payments or provide debit cards themselves. Instead, they outsource payment services and card provision to regulated third parties such as WDCS.Read more... <a href="https://markets.businessinsider.com/news/stocks/wirecard-ex-ceo-markus-braun-arrested-2020-6-1029332580?utm_source=markets&amp;utm_medium=ingestgest">Former Wirecard CEO Markus Braun has been arrested in Germany, days after the company reported that $2.2 billion was missing</a>Once WDCS was suspended by the FCA, users could not use their accounts or access money in them. Payments into the accounts bounced back to their senders — and some users are still waiting to receive their money, a week after WDCS resumed activity. Apps that use WDCS, such as <keyword id="4047322" type="PERSON" weightage="60" keywordseo="Curve">Curve</keyword> and <keyword id="9547095" type="UNKNOWN" weightage="60" keywordseo="pockit">Pockit</keyword>, have hundreds of thousands of customers in the UK, and at the time of the suspension the FCA said WDCS partners would be unable to operate normally. Since restrictions were lifted, fintech firms have tried to keep customers informed through blogs and in-app messages, but users have flooded social media with complaints of missing money.<h3>"I have no assurance of when I will get my money back"</h3>Curve was one brand affected by the suspensionIt calls itself the Netflix of banking: It lets users monitor, manage, and spend money from several accounts on one card. They get cashback on spending, known as Curve Cash.Curve used Wirecard to process its transactions, and the suspension stalled refunds paid into people's accounts from retailers.Adam Plant, 31, an IT project manager from Staffordshire, is awaiting £170 in refunds."These have been processed on the retailers' end but nothing has reached the Curve card or ultimately my main bank account," he said."Curve has not offered any assurance that these funds will actually make it back to me … It isn't making a major dent in my finances but it is a decent amount and it's the annoyance of not knowing what's happening or what their plans are to make sure I get this back," he said.<div type="image" title="Curve Shachar 6" height="899" width="1600" msid="76879408" hostid="261"></div>Plant said he had trouble with refunds on Curve in the past, and that he's now been put off the app for good.Curve said in a statement that it is in touch with customers awaiting refunds.It has moved to Checkout.com for its payment services, and will supply its own card through MasterCard.However, Curve said the temporary Wirecard suspension, and its subsequent move to Checkout.com, has delayed refunds that were requested or due to be repaid by retailers before 2pm on June 27. These are now in the process of being paid, it added.<h3>"I had to pawn my phone to access cash"</h3>The Wirecard's suspension also hit customers of Pockit, a digital current account designed for those with low incomes or poor credit ratings.Ashleigh, 28, who spoke on the condition her surname was not revealed, had a £300 benefit payment from the department for work and pensions (DWP) due during the suspension. It has not yet arrived.She had to take a £370 loan from a pawnshop, secured against her phone, to fund get by, she said."My DWP payments have resumed but all money that bounced due to Wirecard is missing," she said."I'm lucky that I've been able to open a NatWest account and make plans for future payments to go in but there are people who can't due to poor credit or a lack of ID."There are vulnerable people who get paid once a month who don't know how long they have to wait."Read more... <a href="https://www.businessinsider.com/wirecard-scandal-impact-payments-space-regulation-fintech-investors-competition-2020-7">Fintech investors see more red tape for the booming payments space following the Wirecard scandal, and say that costs to comply could crimp newcomers' growth (PREMIUM)</a> Pockit told Business Insider that all its accounts are functional."The Pockit team understands completely the urgency and distress that the situation at Wirecard has provoked for our customers," it said in a statement."We were not given any advanced warning by the FCA of the measures it decided to take and have worked closely with the DWP and the FCA to find a swift solution for our customers."We are taking decisive steps to ensure our customers have better access to reliable financial services in the coming weeks, including an orderly transition to a different UK-based payments provider."Wirecard AG declined to comment but highlighted statements from its insolvency administrator and the FCA, which said the UK subsidiary was able to continue operating.A statement on the WDCS website apologized for delays on its card programmes. <h3>Will this dent confidence in financial apps?</h3>Fintech brands have flourished during lockdown.In a <a href="https://www.capgemini.com/gb-en/wp-content/uploads/sites/3/2020/04/COVID-19-and-the-financial-services-consumer_V4-1.pdf">survey by analysts Capgemini </a>of more than 1,000 consumers in April, 45% of people said they would use digital payments more during lockdown, and 82% said they were unlikely to visit bank branches.Sankar Krishnan, head of growth and industry head within the banking and capital business at Capgemini, doubted the Wirecard collapse, and the knock-on impact on the firm's UK subsidiary, would damage confidence in financial apps."I do not see there being any decline in digital banks," Krishnan said, adding that more and more people continue to switch "to digital from 'trusted' digital providers including traditional banks."Carl Uminski, co-founder of digital agency Somo, says some people will feel more wary of digital payments. But he added that system outages can also hit traditional banks.— <a href="https://www.bbc.co.uk/news/business-50471919">TSB</a>'s technology collapsed in 2018 and users couldn't access their accounts, for example."This isn't a sign of a turbulent industry or a reason to not trust neobanks and simply go back to a traditional brand," he said.Jon Ostler, chief executive at personal <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> comparison site, Finder.com, said the Wirecard incident alone is unlikely to change the behaviour of most consumers so long as fintech firms are transparent. Users may, however, want more detail on how their apps operate. "It will certainly have been a wakeup call though and might lead to consumers taking a more detailed look at how these apps work," he said.

When regulators suspended Wirecard's UK arm, payments to its fintech partner accounts bounced. The suspension has lifted — but for some, the money is still missing.

<ul><li><keyword id="6377963" type="General" weightage="100" keywordseo="freecharge" source="Orion">Freecharge</keyword> has announced the rollout of its neo-banking platform.</li><li>The company will offer services such as fixed deposits, digital credit cards, personal loans and more.</li><li>It has partnered with <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword> to offer banking services to its customers.</li></ul> Payments and recharge platform Freecharge have announced the rollout of its neo-banking platform. The Axis Bank-owned company has revealed that over 18,000 customers have already signed up for the new platform. Some of the services that its customers will be able to avail include — fixed deposits, recurring deposits, buy now, pay later (BNPL) services, digital debit and credit cards, personal loans and more. <cmsannotation type="cmsannotation" annotationid="What is a neo-bank?" comment="subhead" text="What is a neo-bank?">What is a neo-bank?</cmsannotation> A neo-bank is a financial institution that offers an alternative to traditional banks. They are digital banks that do not have any physical branches. While they do not have a bank license, they partner with existing banks to onboard customers. Freecharge has partnered with Axis Bank, its parent company to offer neo-banking services to its customers. <cmsannotation type="cmsannotation" annotationid="Phased rollout" comment="subhead" text="Phased rollout">Phased rollout</cmsannotation> Freecharge has been testing its neo-banking platform for some time now. It started offering buy now, pay later (BNPL) services to its customers in the first quarter of the year and is now testing lending services for small businesses. Customers can also enrol for fixed and recurring deposits on the platform using the Freecharge app. The company has also started offering mutual fund services, allowing users to invest in mutual funds right from the app. In the future, the company also intends to offer personal loans to its customers. “We launched BNPL, the first of the (digital) products, in the first quarter. The second one was small-ticket lending for small businesses," Freecharge chief executive officer <keyword id="1478618" type="General" weightage="20" keywordseo="siddharth-mehta" source="Orion">Siddharth Mehta</keyword> said in an <a href="https://www.livemint.com/technology/tech-news/freecharge-announces-roll-out-of-its-neo-banking-platform-11637082492876.html">interview</a>. “The extension of this is that we will launch the consumer financial services platform or the neo-bank. Then, eventually, we will move to the merchant," Mehta added. Freecharge will also partner with insurance providers in the coming months to allow its users to apply and renew their insurance policies. Early next year, the company aims to offer digital credit and debit cards to its users. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/now-you-can-invest-in-global-blockchain-companies-through-this-mutual-fund-heres-how-to-do-it/articleshow/87724967.cms">Now you can invest in global blockchain companies through this mutual fund ⁠— here's how to do it</a> <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-tumble-as-china-continues-its-crackdown-against-mining/articleshow/87738496.cms">Cryptocurrencies tumble as China continues its crackdown against mining</a> <a href="https://www.businessinsider.in/business/corporates/news/jpmorgan-takes-tesla-to-court-over-elon-musks-2018-tweets-demands-162-million/articleshow/87729405.cms">JPMorgan takes Tesla to court over Elon Musk’s 2018 tweets ⁠— demands $162 million</a>

Freecharge announces neo-banking platform, to offer fixed deposits, digital credit card and more

Bengaluru-based neo-banking startup <keyword id="8555470" type="UNKNOWN" weightage="20" keywordseo="EpiFi">Epifi</keyword> on Monday said it has raised USD 13.2 million (around Rs 93.4 crore) in a seed funding round led by <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword> and <keyword id="2126501" type="PERSON" weightage="20" keywordseo="Ribbit-Capital">Ribbit Capital</keyword>. The company said it will utilise the funds to build its core technology platform, drive sales as well as marketing initiatives and expand its technology team. The seed funding round that was led by Sequoia India and Ribbit Capital also saw participation from Hillhouse Capital and angel investors, including David Velez, the founder of Nubank, and Kunal Shah, Founder and CEO, CRED, the statement said.
 Seed money, sometimes known as seed funding or seed capital, is a form of securities offering in which an investor invests capital in a startup company in exchange for an equity stake or convertible note stake in the company.
 Founded in May last year by Google Pay top executives Sujith Narayanan and Sumit Gwalani, Epifi is a fintech startup that provides digital banking solutions.
 "Millennials are a digital-first generation who are reshaping the world's economy, pushing companies to re-examine the way they do business.... Through epiFi, our mission is to provide digital natives a new-age platform that uses customer insights and deep tech to simplify their banking journey and help them take a big step towards achieving financial freedom," Epifi Co-foundersaid Sujith Narayanan said. SID DRR

Neo-banking startup Epifi raises $13.2 mn from Sequoia India, Ribbit Capital

<ul class="summary-list"><li>Insider's Banker of the Week series appears in our weekday newsletter, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">10 Things on Wall Street</a>.</li><li>This week we're highlighting Mia Alexander, a vice president with neobank Dave.</li></ul>For roughly two decades, Mia Alexander has embarked on one of banking's more unforgiving, and sometimes head-scratching, efforts — determining solutions for large swathes of the country who are severely underbanked.Alexander is a vice president of customer success at Dave, the neobank known for providing cash advances to its customers. Before joining Dave in 2019, she worked at Green Dot Corporation, another digital bank, for almost 17 years. She connects underrepresented communities with banking services, helps them source jobs, and concocts ways to better manage their finances.It's a role that's taken on greater significance since the onset of the pandemic. The number of unemployed within the Hispanic community increased 4.7% in the fourth quarter of 2020, compared to the same quarter a year earlier, according to <a href="https://jsri.msu.edu/publications/nexo/vol/no-2-spring-2021/the-covid-19-pandemics-socio-economic-impact-on-minority-racial-ethnic-groups">data</a> from the US Bureau of Labor Statistics. Unemployment in the Black community increased 4.5%, while unemployed white people swelled 2.8%. The coronavirus temporarily shuttered service industries, which employ many minorities, who did not have jobs that enabled them to work from home.For Alexander, not only was it a moment of reflection, but it was an opportunity to leverage the demand for upstart fintech companies and push a suite of products for communities that have struggled to get attention from big banks."What led me to Dave was not around replacing traditional banks. It's not just traditional banking solutions, but filling that gap when people need extra cash. And when they're ready to set goals, it's important to be a kind of ambassador for them," Alexander told Insider.Dave's main focus is cash advances, something Alexander said "disrupted the concept of a credit bureau" because it strips out factors like income or assets, yet still provides cash lifelines to underbanked portions of society.Alexander has also helped facilitate Side Hustle, a service that connects Dave's customers with jobs to supplement their primary income.One of the first steps she wanted to determine was how to help underserved communities without taking "additional fees out of the community's pocket." The neobank also leveraged the gig economy as a means to get more income streams to Dave's customers.A typical Dave user may deliver UberEats at night alongside a 9-5 gig throughout the week. Side Hustle links customers with over three million job applications, Alexander said."It's not just about waiving fees or reducing overdraft. Are we there to offer them jobs that are relevant and easy to access?"It's no easy feat, however, and the competition is fierce. Traditional lenders have cottoned on to the value of diversifying their outreach, and most importantly, digital banking is top priority for lenders of all sizes, be it burgeoning fintechs or household names with gargantuan balance sheets.Wall Street giant JPMorgan Chase has <a href="https://www.businessinsider.com/jpmorgan-fintech-consumer-acquisitions-investments-competition-jamie-dimon#:~:text=JPMorgan%20has%20made%20at%20least,since%202020%20reflecting%20that%20strategy.">snapped up a bevy of fintechs</a> to bolster its own retail-banking products, while Goldman Sachs' <a href="https://www.businessinsider.com/whats-going-wrong-at-goldman-sachs-marcus-consumer-bank-unit-2022-8">consumer-lending arm Marcus</a> offers customers some of the most lucrative savings accounts on Main Street.Despite the competition, Alexander is focused on "highlighting the voice of the customer" and leveling the financial playing field.It can be a thankless task. Banks, at the end of the day, exist to be profitable, and that is challenging when your core customer brings in less money. But for Alexander, therein lies the problem."Traditional banking has not really fed this community effectively. We've gone through COVID, civil rights movements. So I'm a heavy participant in ensuring our technology is feeding what the problem spaces are," she said.The Banker of the Week series is featured in Insider's 10 Things on Wall Street — <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">sign up here to get the newsletter each weekday morning.</a>

Mia Alexander wants neobank Dave to become the first choice for America's under-represented communities. She's working on initiatives to boost their employability, and correct a system that's left minorities with less access to financial services.

<ul class="summary-list"><li>This story was delivered to Business Insider Intelligence Banking subscribers earlier this morning.</li><li><a href="https://store.businessinsider.com/products/banking-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-varo-becomes-first-neobank-to-win-fdic-approval-2020-2">To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.</a></li></ul>The San Francisco-based neobank won <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cudmFyb21vbmV5LmNvbS9wcmVzc19yZWxlYXNlL2ZkaWMtYXBwcm92YWwtbW92ZXMtdmFyby10by1maW5hbC1zdGFnZS1vZi1iYW5rLWNoYXJ0ZXItam91cm5leS8/5d233c18f730436f2414784fB83427654" target="_blank" rel="noopener">approval</a> earlier this week to use federal deposit insurance from the FDIC, a milestone in its three-year journey toward receiving a national bank charter. Upon receiving full bank charter approval, Varo plans to roll out more products, including credit cards and joint accounts.Varo is the first neobank to receive FDIC approval, accelerating its long-running push to obtain a license to accept government-insured deposits. Varo initially <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cud3NqLmNvbS9hcnRpY2xlcy9maW50ZWNoLXZhcm8tbW92ZXMtY2xvc2VyLXRvLWJlY29taW5nLWEtYmFuay0xMTU4MTM2MTk5MA/5d233c18f730436f2414784fB6fce8f06" target="_blank" rel="noopener">applied</a> for FDIC insurance in 2017, per The Wall Street Journal - simultaneously applying for a national bank charter from the Office of the Comptroller of the Currency (OCC), which granted the neobank <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cudmFyb21vbmV5LmNvbS9wcmVzc19yZWxlYXNlL3Zhcm8tbW9uZXktZ3JhbnRlZC1wcmVsaW1pbmFyeS1hcHByb3ZhbC1mb3ItbmF0aW9uYWwtYmFuay1jaGFydGVyLw/5d233c18f730436f2414784fBaadba166" target="_blank" rel="noopener">preliminary</a> approval in September 2018.Varo withdrew its FDIC application in 2018 to improve operations per the agency's guidance, and refiled with the FDIC in July 2019. CEO Colin Walsh expects the final approval to happen in Q2 2020, at which time accounts would be transferred over from Bancorp, its current partner bank. In the meantime, the neobank still needs to take a few final steps, including passing a preopening exam.Walsh said the charter could be a "watershed moment" - and we think it could serve as a blueprint for other neobanks operating in the US.Varo's approach marks a notable departure from its competitors', all of which rely on a partner bank. US regulations require neobanks to choose between pursuing their own license - which only Varo has done - or partner with an incumbent bank, which would then take a cut of their profits. Walsh has previously <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS92YXJvLWZpbGVzLWFwcGxpY2F0aW9uLWJhbmstY2hhcnRlci0yMDE5LTc_cj1VUyZJUj1U/5d233c18f730436f2414784fBbf619c60" target="_blank" rel="noopener">expressed</a> that he feels it's unsustainable to try to grow while operating under a sponsor bank. If more neobanks follow suit, it could eliminate the need for sponsor banks, a role largely played by community banks.A license could position Varo for future success by enabling it to engage in more lucrative segments of retail banking, like personal loans and mortgages. Varo will now have the freedom to control its own deposits and use them to fund its loans. It could add these capabilities to its existing lineup of features like overdraft protection and early wage access.The license will also give the neobank full <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Zhcm8tbW9uZXktZGlnaXRhbC1uYXRpb25hbC1iYW5rLTI5MGQxNWQxLTRmYjktNDE1YS04YmFhLWYyMjE4NGE3ODZlOC5odG1s/5d233c18f730436f2414784fB6bdf5aff" target="_blank" rel="noopener">access</a> to its customers' data, whereas its competitors in the US, like Chime and N26, have to rely on partner banks. Walsh has said that a charter would enable Varo to make money from deposits and continue to offer its services for free, as well as give the neobank a number of cost advantages and allow it to compete with a breadth of products. It's important to note that, with a license, Varo will now have to dedicate more resources to regulatory compliance. This responsibility would have previously fallen to its sponsor bank: Half of banks <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9wcm9mZXNzaW9uYWwvYmxvZy9yaXNpbmctY29tcGxpYW5jZS1jb3N0cy1odXJ0aW5nLWN1c3RvbWVycy1iYW5rcy1zYXkv/5d233c18f730436f2414784fB9b8b3c6a" target="_blank" rel="noopener">surveyed</a> by the Risk Management Association said they spent between 6% and 10% of their revenue on compliance costs in 2017. Despite the potential risks of incurring compliance and other regulatory-related costs, Varo is positioning itself for long-term sustainability by pursuing a banking license independent of a partner bank. The FDIC granting Varo approval suggests regulators might be shifting to accommodate digital startups. This is one of the few times the FDIC has given a fintech company the ability to provide insured deposits, which banks have strongly opposed in the past, per the Journal.The apparent change in regulatory attitude comes at a time when US consumer dissatisfaction with banks is growing: They're particularly frustrated with <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cuYmFua3JhdGUuY29tL2JhbmtpbmcvY2hlY2tpbmcvY2hlY2tpbmctYWNjb3VudC1zdXJ2ZXkv/5d233c18f730436f2414784fB82de648a" target="_blank" rel="noopener">rising</a> overdraft fees and <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAxOS8xMC8zMC9idXNpbmVzcy9lY29ub215L2ZlZGVyYWwtcmVzZXJ2ZS1pbnRlcmVzdC1yYXRlcy5odG1s/5d233c18f730436f2414784fBf134ee44" target="_blank" rel="noopener">lowering</a> interest rates, both of which have created an opening for neobanks to enter and offer no-fee, high-yield accounts. These factors are creating a landscape in which digital-first, no-fee alternatives to big banks are increasingly sought out, setting up neobanks for success - and regulators may now be on board as well.Want to read more stories like this one? Here's how to get access: <ol><li>Sign up for Banking Pro, Business Insider Intelligence's expert product suite tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. &gt;&gt;<a href="https://store.businessinsider.com/products/banking-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-varo-becomes-first-neobank-to-win-fdic-approval-2020-2"> Get Started</a></li><li>Check to see if you already have access to Business Insider Intelligence through your company, or inquire about access if you don't. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate-check?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-varo-becomes-first-neobank-to-win-fdic-approval-2020-2">Check If You Have Enterprise Access</a></li><li>Explore related topics in more depth. &gt;&gt; <a href="https://store.businessinsider.com/collections/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-varo-becomes-first-neobank-to-win-fdic-approval-2020-2">Visit Our Report Store</a></li><li>Current subscribers can log in to read the briefing <a href="https://intelligence.businessinsider.com/post/varo-becomes-first-neobank-to-win-fdic-approval-n26-to-shutter-uk-operations-revolut-debuts-account-aggregation-2020-2">here.</a></li></ol><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

Varo has become the first neobank to win approval for FDIC insurance

<ul class="summary-list"><li>This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers. </li><li>To receive the full story plus other insights each morning, <a href="https://www.businessinsider.com/intelligence/bi-intelligence-fintech-and-payments-research-bundle?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-revolut-launches-stock-trading-services-in-europe-2019-8">click here.</a></li></ul>The UK neobank has rolled out a commission-free stock trading service across Europe, according to <a href="https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS8yMDE5LzA3LzMxL3Jldm9sdXQtbGF1bmNoZXMtc3RvY2stdHJhZGluZy1pbi1saW1pdGVkLXJlbGVhc2Uv/5d233c18f730436f2414784fBdd44d33c" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS8yMDE5LzA3LzMxL3Jldm9sdXQtbGF1bmNoZXMtc3RvY2stdHJhZGluZy1pbi1saW1pdGVkLXJlbGVhc2Uv/5d233c18f730436f2414784fBdd44d33c&amp;source=gmail&amp;ust=1564812448489000&amp;usg=AFQjCNF7RTAB9LVjkng3p9CW25-AX2nzpw">TechCrunch</a>. Initially, the service will only be available to a select number of its Metal card customers, but the neobank is aiming to introduce the service for its Standard and Premium users in the next few weeks.<div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div>Users with a Metal card - which comes with a cost of £12.99 ($15.72) or €13.99 ($16.93) - get 100 instant free trades, while Standard and Premium customers get eight and three, respectively. Trades made outside of the allowance have a £1 ($1.21) fee and an annual custody fee of 0.01%.The feature currently allows users to invest in 300 US-listed stocks on NASDAQ and NYSE, but over time Revolut plans to add UK and European stock, as well as Exchange Traded Funds (ETFs).Here's what it means: With an easily accessible trading service, Revolut can differentiate from competitors and will likely see high demand from users.<ul><li>Revolut is the first neobank to dip into trading. The startup has <a href="https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL3ByZXNzYXJ0aWNsZS83MjQxNS9yZXZvbHV0LWxhdW5jaGVzLWNyeXB0b2N1cnJlbmN5LXBsYXRmb3Jt/5d233c18f730436f2414784fBa377bd5d" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL3ByZXNzYXJ0aWNsZS83MjQxNS9yZXZvbHV0LWxhdW5jaGVzLWNyeXB0b2N1cnJlbmN5LXBsYXRmb3Jt/5d233c18f730436f2414784fBa377bd5d&amp;source=gmail&amp;ust=1564812448489000&amp;usg=AFQjCNF1FKCJZyliQPhdjMlIOold6bbe-w">allowed</a> users to buy, hold, and exchange cryptocurrencies within its app since early 2018. The latest feature has long been anticipated, and rumors around Revolut launching a stock trading service emerged as early as <a href="https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3Jldm9sdXQtaGl0cy0yLW1pbGxpb24tY3VzdG9tZXJzLXVzLWFsdC1sZW5kZXItcmFpc2VzLTYwLW1pbGxpb24tcHJvc3Bhcy1pcG8tZmFjZXMtZGVsYXlzLTIwMTgtNg/5d233c18f730436f2414784fB2f895a73" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3Jldm9sdXQtaGl0cy0yLW1pbGxpb24tY3VzdG9tZXJzLXVzLWFsdC1sZW5kZXItcmFpc2VzLTYwLW1pbGxpb24tcHJvc3Bhcy1pcG8tZmFjZXMtZGVsYXlzLTIwMTgtNg/5d233c18f730436f2414784fB2f895a73&amp;source=gmail&amp;ust=1564812448489000&amp;usg=AFQjCNHraerH2-AjA2MlOfOf9ZbR02zkzA">June 2018</a>. No other major neobank in Europe currently enables users to trade stocks within their app, allowing Revolut to differentiate itself from the competition, which may draw more consumers toward the startup.</li><li>Additionally, UK consumers are interested in investing in the stock market. Across all demographics in the country, <a href="https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3lvdW5nZXItZGVtb2dyYXBoaWNzLXdhbnQtdG8taW52ZXN0LWluLXN0b2Nrcy1idXQtdG8tbWFrZS10aGlzLWhhcHBlbi1pbmN1bWJlbnRzLW5lZWQtdG8tcHJvdmlkZS10aGVtLXdpdGgtdGFpbG9yZWQtc2VydmljZXMtMjAxOS03/5d233c18f730436f2414784fB19c88cb5" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3lvdW5nZXItZGVtb2dyYXBoaWNzLXdhbnQtdG8taW52ZXN0LWluLXN0b2Nrcy1idXQtdG8tbWFrZS10aGlzLWhhcHBlbi1pbmN1bWJlbnRzLW5lZWQtdG8tcHJvdmlkZS10aGVtLXdpdGgtdGFpbG9yZWQtc2VydmljZXMtMjAxOS03/5d233c18f730436f2414784fB19c88cb5&amp;source=gmail&amp;ust=1564812448489000&amp;usg=AFQjCNF0sL7CKZJM_otHhC5PsxmN-aze7w">nearly 50%</a> of consumers would consider investing in the stock market, yet only 1 in 5 has done so. Gen Z is the most interested in investing, and given that Revolut's users are likely skewed toward younger generations, there will probably be high demand from users to try out the new trading feature. And being able to buy shares for as little as $1 will probably be a welcomed feature for those users starting to build their wealth.</li></ul>The bigger picture: As competition in the neobank space continues to heat up, differentiation is becoming vital to survival.<ul><li>Established neobanks like Revolut are being challenged by other fintechs moving into the banking space and big techs upping their financial services. As such, it's becoming increasingly important for the likes of Revolut to broaden their product suites to become one-stop hubs for financial matters. This gives them a stickier value proposition and makes it more likely consumers will choose them over competitors.</li><li>Moreover, by adding features to its multitiered premium products - such as more free trades - Revolut might be able to sign up additional paying users. Eighty thousand users <a href="https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L25hdHdlc3QtYmV0cy1vbi1pbi1ob3VzZS1za2lsbC10cmFpbmluZy0yMDE5LTE/5d233c18f730436f2414784fBe5f7ad18" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L25hdHdlc3QtYmV0cy1vbi1pbi1ob3VzZS1za2lsbC10cmFpbmluZy0yMDE5LTE/5d233c18f730436f2414784fBe5f7ad18&amp;source=gmail&amp;ust=1564812448489000&amp;usg=AFQjCNGNcZKJcZQre1zXf7wdR2XuBJ404A">signed up</a> for the neobank's Metal card one month after its launch. So, adding more value to the cards will probably convince even more users to sign up for the paid service, which will help increase Revolut's revenue stream. The neobank should continue to add more features to increase sign-ups.</li></ul>Here's an industry opinion, as told to Business Insider Intelligence:"Typically, startups are in a race to get distribution before incumbents find product market fit. Revolut has massive distribution, which means if it can continue to be good at product, it will be a formidable competitor for incumbents and fintech startups alike. Having a single app that does everything well is a massive challenge, but companies in Asia like WeChat and Alipay have shown that the prize for getting it right is massive." - Brad van Leeuwen, VP of partnerships and marketing at RailsbankInterested in getting the full story? Here are three ways to get access: <ol><li>Sign up for the Fintech Briefing to get it delivered to your inbox 6x a week. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/newsletter-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=get_started_text&amp;itm_term=bii_briefing_text_link-revolut-launches-stock-trading-services-in-europe-2019-8&amp;vertical=fintech">Get Started</a></li><li>Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to the Fintech Briefing, plus more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/bi-intelligence-fintech-and-payments-research-bundle?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-revolut-launches-stock-trading-services-in-europe-2019-8">Learn More Now</a></li><li>Current subscribers can read the full briefing <a href="https://intelligence.businessinsider.com/post/revolut-joins-the-stock-trading-industry">here.</a></li></ol><a href="https://www.businessinsider.com/intelligence/future-of-fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=future-of-fintech-2"></a>

Revolut becomes the first neobank to launch stock trading services

<ul class="summary-list"><li>This story was delivered to Business Insider Intelligence Banking subscribers earlier this morning.</li><li><a href="https://store.businessinsider.com/products/banking-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-uk-neobank-usage-remains-low-2020-1">To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.</a></li></ul>UK adoption of digital-only challenger banks is currently paltry: Fewer than one in 10 British consumers are using mobile-only banks to manage their money, according to survey <a href="https://e.businessinsider.com/click/19257102.4/aHR0cHM6Ly95b3Vnb3YuY28udWsvdG9waWNzL2ZpbmFuY2UvYXJ0aWNsZXMtcmVwb3J0cy8yMDIwLzAxLzIxL3RoaXJkLWJyaXRzLWRvbnQtdXNlLW1vYmlsZS1iYW5raW5n/5d233c18f730436f2414784fB841f6c4e" target="_blank" rel="noopener">data</a> from YouGov.However, this apathy doesn't extend to all forms of digital banking, as British consumers appear inclined to use digital banking offerings from their traditional banks. A majority (53%) of respondents say that they use a mobile banking app from a traditional bank or building society, while 48% say that they use an online banking offering from a traditional bank or building society.The relatively solid use of digital banking in general suggests that the big challenge for neobanks is not converting consumers to digital platforms, but getting consumers to give digital-only banking a try. Less than one-quarter (23%) of UK consumers are actually uncomfortable with online banking services, per YouGov data, leaving the neobank business model with a strong majority of UK consumers to target.And given the popularity of mobile and online banking offerings from traditional banks, the hurdle that neobanks will need to deal with first and foremost is convincing consumers to dip their toes in the water of digital-only banking.Here are two key strategies neobanks could deploy to motivate customers to give them a try:<ul><li>Offer new sign-up incentives like perks or bonuses. Perhaps the most straightforward way to pull in customers is to offer a clear incentive to new sign-ups. This could be a promotional interest rate for deposits that is well above the market average (as Australian neobank Xinja is <a href="https://e.businessinsider.com/click/19257102.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2F1c3RyYWxpYW4tbmVvYmFuay1yb2NrZXRzLXRvLTFiLWRlcG9zaXQtbWlsZXN0b25lLW1vbmVzZS12YWx1YXRpb24tdG8tcmVhY2gtMTMtYmlsbGlvbi1sbG95ZHMtYmFua2luZy1ncm91cC1hbm5vdW5jZXMtY2hhbmdlLWluLW92ZXJkcmFmdC1wb2xpY3ktMjAyMC0x/5d233c18f730436f2414784fBa94fd082" target="_blank" rel="noopener">doing</a> to attract deposits), or it could even be as drastic as a cash bonus deposited into newly opened accounts. A clear and present reward for signing up could be enough to get prospective customers' attention and get them to open an account, after which the neobank would have a chance to impress the client with its features and service. The drawback, however, is that incentives can rack up costs, a serious obstacle for neobanks as they already <a href="https://e.businessinsider.com/click/19257102.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" target="_blank" rel="noopener">struggle</a> with profitability almost universally.</li><li>Reduce barriers to access existing account benefits. In many cases, neobanks will set deposit or transaction thresholds or other requirements that customers have to meet in order to access certain lucrative benefits. For example, US neobank Chime <a href="https://e.businessinsider.com/click/19030030.2592/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9jaGltZS1vbmUtdXBzLXZhcm8tb24tb3ZlcmRyYWZ0LXByb3RlY3Rpb24tY2hhc2UtbG9va3MtY29tYmF0LWZyYXVkLTIwMTk_dXRtX3NvdXJjZT1UcmlnZ2VybWFpbCZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1Qb3N0JTIwQmxhc3QlMjBiaWktYmFua2luZzolMjBDaGltZSUyMG9uZS11cHMlMjBWYXJvJTIwb24lMjBvdmVyZHJhZnQlMjBwcm90ZWN0aQ/5af0b5dd95a7a126817e289cBc34dd2b1" target="_blank" rel="noopener">offers</a> overdraft protection of up to $100 for users who direct deposit at least $500 per month into their account. If neobanks lower or remove such thresholds, it could help customers who have some curiosity or only want to experiment with a neobank to get a better feel for the full customer experience - and to do so without requiring a significant investment on their part. The downside to this approach would be that such thresholds offer neobanks a way to nudge customers to use their neobank account as their primary account, and primary account status is an elusive and important goal for neobanks.</li></ul>Want to read more stories like this one? 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